The tide is turning across Europe - is this the end of austerity?

[breadandbutterfly]

Hollande has won, change is afoot in Grece, Labour has wiped the floor with the Tories.

Is this the end of austerity? Can Germany/the bankers really keep demanding the dominance of the 1% in the face of the electoral might of the 99%? The 1% can cook the books al they like between elections - but the problem with democracy is that even when you strike up deals with the media magnates - or they are the same person, as with Berlusconi - sometimes those pesky plebs just won't vote the way they're told.

Now, the markets could bring down Greece. But France is another matter. The markets don't really wish to bring down all of Europe, surely, or where will they live in their nice penthouses and chateaux? Obviously, they are not bothered about what happens in Greece, far away from their backyard. But France?

We live in changing times.

Any thoughts?

blueshoes - you are breathtaking in your rudeness. But of little matter...

Once countries are no longer in the euro, they have the opportunity to yes, write off debt. Messy, yes. But is that any worse than the long slow death spiral to which you would subject Greece? Do you really think Greece could somehow work its way out of the insupportable position it has been placed in, just by working jolly hard and paying their taxes like good boys?? Or do you not care, because Greece is far far away...

What has happened since Lehmans is that we have paid trillions to the banks with nothing to show for it (unless you count house prices rising further in London?). If a fraction of that printed trillions had been spent on ordinary people in any way, how would that have been so much worse?

You must have a lot of capital somewhre to be so worried about losing it. I have none - so can view this rather more dispassionately than you.

Do you fear riots? We had those already, remember?

Bread, you think and write like you work for a tabloid. But that is just by the way ...

Armaggedon will actually be quite good for the company I work for. The current economic stasis is not ideal. Perhaps I will go for a left wing Europe after all. Better that London not have to shoulder the bulk of the taxes that subsidises the rest of the country in its equanimity.

Ooh, like I work for a tabloid. How wounding. I'm crushed. I do hope your understanding of economics is better than your insults.

I see you have answered a stunning none of my points. Still waiting for your genius revelations on the 'markets'.